May 28, 2008
Mortgage arrears on the rise
The first quarter of the year has seen some increases in the rate of mortgage payment defaults, this has particularly hit the UK sub prime mortgage market, and these are home buyers who do not have a brilliant credit history.
During this period the total amount of mortgage holders who have arrears of more than thirty days is almost twenty two per cent, whereas those who have fallen behind to ninety days or more now stands at almost eleven per cent.
More worrying for the industry is the prime market, these are mortgage holders who have a good credit rating, and yet already within the first three months of the year there are two and half per cent who are getting thirty days behind, while those who have missed mortgage payment for three months or more has risen to 0.8 per cent.
Source [Agent Cities]
http://www.agentcities.net/2008/05/27/rise-in-overdue-mortgage-payments/
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